Feb 19 / 2019
Latest News / Blockchain news

Crypto bombshell: Tim Draper says only criminals will use cash

Bitcoin bull and billionaire investor Tim Draper has argued that in five years’ time, only criminals will use fiat currency as crypto becomes universally widespread and accepted.

Draper made his assertions in an interview with financial news channel Fox Business released on Feb. 18, which incidentally coincides with an 8.4% pump in BTC’s price.

Restating his forecasts about fiat money becoming an obsolete laughing stock in five years, Draper elaborated on his prediction, daringly stating that none other than criminals will keep using cash, since criminals who use crypto can be tracked via blockchain. He said:

“The criminals will still want to operate with cash, because they catch everybody who is trying to use Bitcoin.”

Back in August 2018, a U.S. Drug Enforcement Administration (DEA) agent noted she would rather people kept using cryptocurrencies, as the blockchain provides a tool to identify criminals. Needless to say, while transactions can be tracked by pseudonymous coins like Bitcoin, this prospect depends on whether one uses alternative privacy coins (such as Monero) or not.

Draper went on to say that he believes money stored in banks is less secure than his money kept in Bitcoin. “My bank is constantly under a hack attack,” Draper said, adding that to date, nobody has managed to hack Bitcoin’s blockchain – touch wood.

Claiming that his Bitcoin is more secure than the U.S. Dollar, the billionaire compared cashing out from Bitcoin with exchanging gold into shells, arguing that there is no sense in turning back the clock as the future is about Bitcoin and other cryptocurrencies.

Asked about how many assets he held in Bitcoin, Draper said: “A lot.”

Interestingly, Draper’s statement echoes the position of young Bitcoin millionaire Jeremy Gardner, who said that the existing financial system is more at fault for things like terrorism and crimes than blockchain technology will perhaps ever be.

Back in November 2018, Tim firmly replanted his April 2018 prediction that the biggest cryptocurrency in existence will trade as high as $250,000 per coin by 2022. Though it’s hard to pinpoint whether this would be due to crypto’s success, or the Dollar’s failure relative to Bitcoin.

Meanwhile, BTC has seen an uplifting pump these last few days, having jumped 8.4% in a day trading at $3,907 at the time of writing.

Mr. Draper will be elaborating his thoughts further at the Malta AI & Blockchain Summit in May 23-24 2019.

by Christopher Attard

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